Fundamentals of Exempt Taxation
Understanding how the principles of exempt taxation work in the real world is essential for attorneys advising nonprofits. A nonprofit may be exempt from federal income taxation but it is difficult to obtain and maintain that status while expanding the revenue-generating activities necessary to support its charitable or educational mission. This program is designed for non-tax specialists advising nonprofit organizations on their operations. The program will provide a practical guide to the requirements of obtaining tax-exempt status, the differences between the major types of exempt organizations, and discuss major tax-exempt concepts such as the unrelated business income tax, joint ventures with profit-making ventures and more.
- Requirements of obtaining and maintain tax-exempt status for nonprofits
- Differences between a “public charity” and a “private foundation” for exemption purposes
- Unrelated business income and how it is taxed
- Joint ventures with profit-making firms
- Reporting and compliance obligations
Daniel J. Hoffheimer is a partner in the Cincinnati office of Taft Stettinius & Hollister LLP, where his law practice concentrates on estate planning, trust and probate law, elder law and guardianships, estate and gift taxation, and probate court litigation. He is a Fellow of the American College of Trust and Estate Counsel and formerly served as a Lecturer-in-Law at the University of Cincinnati College of Law. Mr. Hoffheimer formerly served as the President of Cincinnati Bar Association and currently serves on the Section Council of the Estate Planning, Trust and Probate Law Section of the Ohio State Bar Association. He received his B.S. from Harvard University and his J.D. form the University of Virginia School of Law.
Michael S. Williams is an attorney in the Cincinnati office of Taft Stettinius & Hollister LLP, where his practice focuses on estate planning and administration, providing advice to non-profit and tax-exempt organizations, and tax planning for businesses. He has written and spoken extensively on estate planning topics. Mr. Williams earned his B.S. from Samford University and his J.D. from the University of Cincinnati College of Law.
